Bank Settlement is the process by which merchant and cardholder banks exchange financial data and value resulting from sales transactions, cash disbursements and merchandise.
Please note that for transactions above R5 000 there could be settlement delays due to automatic fraud checks by the bank.
All MasterCard and Visa Transactions will appear together as one payment however Amex and Diners deposits will appear as separate deposits.
Refunds will be deducted from the settlement value and refunded back to the Card holder.
MyGate has no involvement of funds being paid into the merchant or cardholders account and all queries related to settlement need to be logged with the relevant banks merchant services department.
Have more questions? Submit a request